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If FREEDOM Is Your "Why," This Franchise May Be For You

Just as big companies were leaving 5,000 square foot retail spaces, IMAGE Studios was hitting their 100 franchise unit milestone. Co-Founder Jason Olsen joins The Daly Coach to share what has contributed to IMAGE Studios massive success and growth.

Jason explains the "salon suite" concept: "It's like executive office suites, but built for beauty professionals, people who are at a salon or a spa like a hairstylist, a nail artist, an aesthetician. They want to go start their own business. Our spaces are these executive beauty suites that are turnkey so people can move in and operate their sole proprietorship business. It's like a mini mall of beauty salons all out of one roof, which is really cool and gives people a lot of a great opportunity."

Jason discusses the notion of FREEDOM within the context of his franchise system and franchisees: "I think you look at what are the motives for anyone who wants to become an entrepreneur and start a business, I think for the majority of people, it's to have control. But what is "control"? Control is actually freedom, the freedom to have control and to produce and predict outcomes at your own pace or at your own level. I think that's what is so fun about what we do is what our business solves for our customers, our beauty professionals is freedom, gives them complete freedom to do their own thing. But the same thing is true for our IMAGE owners, our franchisees as they're getting into this because they want freedom. Jason says, "They don't want a nine-to-five. It's a very much a lifestyle business. It's a fun business to own. Once it's up and running, it's definitely not a full-time business, so it gives people tons of time to either keep doing what they want to do with their current job, gives them a lot of opportunity to scale more of these if they want, or to just have more time with family. It's great because everyone involved in the business model is driven by that number one thing of freedom, which is really what I think most entrepreneurs, that's their why."

Is it wise to invest in a franchise during a period of such high inflation? Jason mentions, "Obviously, we've all seen prices go up on a lot of different sectors. Labor costs are going up. Wages are going up. We're seeing probably a response to this many, many years of low wage growth, low prices, low interest, then this is now being corrected, especially with a lot of the stimulus that came out of the pandemic. [...] What we're also seeing though is because the demand is rising in the beauty industry for these spaces, the rates that are being charged for these turnkey salon suites are also going up. So while one end of it might be rising with inflation, we're also seeing the end of the customer cycle of who's actually paying for these spaces. Those prices are actually going up at the same rate, so we're actually able to have margin preservation."

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